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Nov 27, 2012
11/12
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who's right on the fiscal cliff right now? >> well, i think that -- >> steven gilfoil. >> the consumer isn't paying that much attention to this. the regular american doesn't watch the financial news. he isn't reading the kinds of papers we read. and he's less concerned with this. >> should they be? >> they probably should be, but investors are more concerned with corporate news, with macroeconomic news. the senator made a statement today. you would expect some kind of posturing this week. we're still 30 days out or so. they don't really have to cut a deal yet. they have to look like they're fighting for what they want to fight for, yet please the constituents. they're probably going to put that off for a couple weeks. >> it's the other way around. washington should be paying attention to the consumer and realize how much is the stake here. when you look at the consumer confidence levels able to hold up. when you look at the retail sales numbers pensimentioned by and the idea we've stabilized when it comes to capital spending,
who's right on the fiscal cliff right now? >> well, i think that -- >> steven gilfoil. >> the consumer isn't paying that much attention to this. the regular american doesn't watch the financial news. he isn't reading the kinds of papers we read. and he's less concerned with this. >> should they be? >> they probably should be, but investors are more concerned with corporate news, with macroeconomic news. the senator made a statement today. you would expect some kind...
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that dials back the entirety of the fiscal cliff i think there will be a fiscal cliff let's if you call that basically i think that we're going to see the payroll taxes they're going to go away the payroll tax reduction and in all probability we'll also see increased taxes that are associated with the health care reform bill that are. scheduled to go forward so those two which are you know somewhat smaller in terms of the fiscal cliff i think those will have been and so i think there will be some impact on the economy mark of the last word in the program go ahead i guarantee you i carried to the last word as i guarantee you whatever happens it won't be pretty it'll go down to the last minute they'll be all kinds of severe allegations thrown back and forth december twenty second december twenty third you're trying to take away our christmas it'll happen all right i meant on that note thank you very much gentlemen many thanks to my guest the deed in new york and in washington thanks to our viewers for watching us here are to see you next time and remember crosstalk. the book you can see.
that dials back the entirety of the fiscal cliff i think there will be a fiscal cliff let's if you call that basically i think that we're going to see the payroll taxes they're going to go away the payroll tax reduction and in all probability we'll also see increased taxes that are associated with the health care reform bill that are. scheduled to go forward so those two which are you know somewhat smaller in terms of the fiscal cliff i think those will have been and so i think there will be...
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we go off the fiscal cliff or not. no it doesn't it's just a little more pain now or a whole bunch more later this fiscal cliff they're talking about it's like it just appeared there in front of us and the whole thing is that this trap was set back in between two thousand and one and two thousand and three when we had we started the war on terror the war on afghanistan the war in iraq. and so we increased deficit spending then we bush we did the bush tax cuts which borrows prosperity out of the future you're going to cut taxes so there's less revenues and that increases deficit spending there's less revenues coming in you're still doing the same levels of spending then we increased the levels of spending when we passed medicare part d. all these things together add up to what is happening today these choices that they are left with and one of the big problems here it's the total size of government the choice they will make is the choice to try and do a short term remedy and make next year a little bit easier by and not
we go off the fiscal cliff or not. no it doesn't it's just a little more pain now or a whole bunch more later this fiscal cliff they're talking about it's like it just appeared there in front of us and the whole thing is that this trap was set back in between two thousand and one and two thousand and three when we had we started the war on terror the war on afghanistan the war in iraq. and so we increased deficit spending then we bush we did the bush tax cuts which borrows prosperity out of the...
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Nov 23, 2012
11/12
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. >> susie: a critical issue in this fiscal cliff debate: jobs. if the government cuts spending and rais taxes all at once on january 1, the economy will lose 2.5 million job sylvia hall reports. >> reporter: in this baltimore lab, dr. curt civin researches leukemia in search of a cure. it's hardly a political job, but these days he's keeping a close eye on the federal budget. you see, the sequester-- the severe spending cuts headed our way in january-- could affect him. if it takes affect, it will cut an estimated $2.5 billion from the national institutes of health. dr. civin and researchers like him depend on grants from the institutes for funding. >> it's tough enough to cure cancer. tough battle. going to take a long time. to cut the funding, to have unevenness, to take a project all the way, and then say, "well, we can't scale this up the way we should, or even maintain it the way we should?" how can we do that. and it's not good for us. >> reporter: dr. civin says labs across the country may have to lay people off if their grants are defunde
. >> susie: a critical issue in this fiscal cliff debate: jobs. if the government cuts spending and rais taxes all at once on january 1, the economy will lose 2.5 million job sylvia hall reports. >> reporter: in this baltimore lab, dr. curt civin researches leukemia in search of a cure. it's hardly a political job, but these days he's keeping a close eye on the federal budget. you see, the sequester-- the severe spending cuts headed our way in january-- could affect him. if it takes...
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Nov 11, 2012
11/12
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you look at the fiscal cliff. that's 7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america -- >> it's a sledgehammer. >> instead of a big dull hatchet, we need a scalpel with a bunch of surgeons. and congress is sitting there with saying they're going to get there. and that's bad. >> your solution is a lot more surgical. as david said, he went around the country and talked to people, and i found the same thing when i was on the cnn express on that bus trip, people understand what this means. they understand that we have to cut back on our spending but they are concerned about the lack of sophistication with which washington is handling this. >> yeah, but when? i get so sick of this. everybody says we have to cut spending. even my good friend dad walker who i have so much respect for. david, when are we going to cut the spending? the answer always seems to be we'll do it next year or the year after that. it's not such a bad thing if we start now. i'm not so oppose
you look at the fiscal cliff. that's 7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america -- >> it's a sledgehammer. >> instead of a big dull hatchet, we need a scalpel with a bunch of surgeons. and congress is sitting there with saying they're going to get there. and that's bad. >> your solution is a lot more surgical. as david said, he went around the country and talked to people, and i found the same thing when i was on...
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Dec 26, 2012
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is set to go over the fiscal cliff in five days. that means taxes will go up for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the ov
is set to go over the fiscal cliff in five days. that means taxes will go up for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside...
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cliff than the democrats neither side wants it but the fiscal cliff happens if we get rid of the bush tax cuts it will be bad for the economy i don't dispute any of that what i think it allows republicans to do is to get out of their pledge they have made a tax pledge to people like grover norquist saying they would never raise taxes but the fiscal cliff does it automatically raises taxes then they can cut them in some way in between the current status and the fiscal cliff and they will never have broken their pledge ok what sounds very reasonable and to be where you come in and that's very really the jump in there for a second well there's one thing worth more to say. if i can jump in there for a second. i have to i have to agree with mark on one point i love to hear what anthony has to say about this i think it's completely irresponsible honestly we have this brinkmanship i remember exactly when it happened and you know one of the reasons in fact the u.s. government had a downgrade on its debt was because of the irresponsibility of the sort of brinkmanship the whole concept of defau
cliff than the democrats neither side wants it but the fiscal cliff happens if we get rid of the bush tax cuts it will be bad for the economy i don't dispute any of that what i think it allows republicans to do is to get out of their pledge they have made a tax pledge to people like grover norquist saying they would never raise taxes but the fiscal cliff does it automatically raises taxes then they can cut them in some way in between the current status and the fiscal cliff and they will never...
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Nov 14, 2012
11/12
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economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washington over taxes will simply delay holiday purchases made by wealthy americans. >> i would expect that holiday spend won't get impacted as much. some of the larger wealth items, tax planning, estate planning, that's where their focus will be. it may defer some of it because they've been preoccupied. >> reporter: tom jacobsen tracks consumer spending behavior and believes the fiscal cliff will impact shopping patterns. he says in an uncertain economy retailers will need to pay close attention to pricing. >> as the confidence erodes, you might need more discounting to sell a luxury good. but that extra discounting won't take away from that good-feeling luxurious. >> reporter: according to a study out today, half of u.s. consumers still plan to buy make a small luxury purchase in the next six months. of those, 53% want specialty food or drinks, 48% are in the mood for luxury clothing, and 48% are
economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washington over taxes will simply delay holiday purchases made by wealthy americans. >> i would expect that holiday spend won't get impacted as much. some of the larger wealth items, tax planning, estate planning, that's where their focus will be. it may defer some of it because they've been preoccupied. >> reporter: tom jacobsen tracks consumer spending behavior and...
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Dec 3, 2012
12/12
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more now on the fiscal cliff. one of the industries with the most at stake in the budget debate is the defense industry. in a meeting today in washington, northrop grumman ceo wes bush with a dire warning. >> it would result in across the board cuts to both defense and nondefense accounts. and the interesting thing about this is the cuts are not tied to any military strategy whatsoever. it is completely disconnected from a perspective of strategy. in essence these would be meat axe taken to our national defense budgets. >> let's go straight to the front lines of the issue. task specializes in systems, engineering and integrate. president and ceo david langstaff is with us, among the defense contractors speaking out today in washington. he joins me now on the telephone. sir, good to have on you the program. thanks for joining us. >> thank you. glad to be with you. >> what's the potential fallout for task if we go over the fiscal cliff. how would you navigate this? >> first, it's just terrible policy to go over the
more now on the fiscal cliff. one of the industries with the most at stake in the budget debate is the defense industry. in a meeting today in washington, northrop grumman ceo wes bush with a dire warning. >> it would result in across the board cuts to both defense and nondefense accounts. and the interesting thing about this is the cuts are not tied to any military strategy whatsoever. it is completely disconnected from a perspective of strategy. in essence these would be meat axe taken...
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Dec 13, 2012
12/12
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all fiscal cliff related or what? fz fiscal cliff relate end again, bernanke, not
all fiscal cliff related or what? fz fiscal cliff relate end again, bernanke, not
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Dec 11, 2012
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we're asking for solutions to the fiscal cliff. joining me now is alan greenspan, former federal reserve chairman and now with greenspan associates. nice to have you back on the program. >> nice to be here. >> thanks so much for joining us. you have said there's no painless solution to the fiscal cliff here. what do you think the best possible outcome could be? >> the best possible outcome as far as i can see is to take something like simpso/bowles that came out originally and get the issue resolved. i've never seen anything like this. >> you've been around a long time and seen lots of parties fight. >> they always come to go. the difference now is that -- not that there are more differences than unusual. if you go back, there's a lot of data that suggests this is not unusual. what is unusual is the republicans don't speak to the democrats and vice versa? back then, i mean, not that far. >> they went to dipper and went to lunch and discussed issues. >> when i was in the white house, tip o'neill and jerry ford used to be at each oth
we're asking for solutions to the fiscal cliff. joining me now is alan greenspan, former federal reserve chairman and now with greenspan associates. nice to have you back on the program. >> nice to be here. >> thanks so much for joining us. you have said there's no painless solution to the fiscal cliff here. what do you think the best possible outcome could be? >> the best possible outcome as far as i can see is to take something like simpso/bowles that came out originally and...
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Nov 14, 2012
11/12
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this is why it's the fiscal cliff. they have to put a law in place so that this doesn't happen. >> the most important thing right now, maria, this is a time for leadership. leaders don't set ultimatums. leaders bring together different parties who may have their own ultimatums and find compromise. that's what we're all counting on from the white house. we're counting on that leadership to step forward, make a difference, bring the parties together, and find a compromise. >> all right. you running charles schwab with tens of thousands of investors, as a you just said. you've got to operate your business regardless of what's going on around you. talk to us how you're doing that. are you sitting on the sidelines in terms of pufting money to work, in terms of hiring? what are you going to do knowing you have no idea where your tax rates will be? you have no idea wlosht those spending programs are going to be taken away as well. that will create layoffs. >> yes. well, i think in our business we're been fortunate in that we'
this is why it's the fiscal cliff. they have to put a law in place so that this doesn't happen. >> the most important thing right now, maria, this is a time for leadership. leaders don't set ultimatums. leaders bring together different parties who may have their own ultimatums and find compromise. that's what we're all counting on from the white house. we're counting on that leadership to step forward, make a difference, bring the parties together, and find a compromise. >> all...
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Nov 10, 2012
11/12
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you look at the fiscal cliff. that is $7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america. >> it's a sledgehammer. >> it's a big, dull hatchet when we need a sexual pep a a bunch of surgeons. that's the problem here. they need -- going off the fiscal cliff, and it is popular now to say maybe we should go off for a while -- >> that is gaining popularity. stephen moore, you and david have really spent a lot of time on this. your approaches to this are a little more certain. a lot more surgical. isn't that problem though, stephen? as david said, went around the country and talked to people. i found the same thing when i was on the cnn express on that bus trip. people understand what this means. they understand that we have to cut back on our spending. they are concerned about the lack of sophistication with which washington is handling this. >> yeah, but when? look, i get so sick of it. everybody says we have to cut spending. even my good friend david walker who
you look at the fiscal cliff. that is $7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america. >> it's a sledgehammer. >> it's a big, dull hatchet when we need a sexual pep a a bunch of surgeons. that's the problem here. they need -- going off the fiscal cliff, and it is popular now to say maybe we should go off for a while -- >> that is gaining popularity. stephen moore, you and david have really spent a lot of time on this....
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Dec 26, 2012
12/12
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talk about the fiscal cliff and politicians talk about the fiscal cliff. we're wondering whether mom and pops at home talk about the fiscal cliff. is a lack of a budget deal actually spooking shoppers out on main street? >> it is. walmart told us 75% of their customers have cite that had they are worried about the fiscal cliff. mandy, you and i were on last week talking about the luxury retailers and we called out saks saying business pre-holiday was particularly weak. what are the people in the stores telling me all week, saying that this is the worst pre-christmas they had seen in over a decade, and part of that was because their consumers are worried about the fiscal cliff, so note to the government. it does matter. >> yeah, but that's, as you say, part of it. laura, what else is going on? it just felt like we were going into a lackluster season here. what happened? >> i mean, there's been some discussion about weather trends as well, but whether or not we go over the fiscal cliff, consumers think next year we'll see higher taxes and lower entitlements.
talk about the fiscal cliff and politicians talk about the fiscal cliff. we're wondering whether mom and pops at home talk about the fiscal cliff. is a lack of a budget deal actually spooking shoppers out on main street? >> it is. walmart told us 75% of their customers have cite that had they are worried about the fiscal cliff. mandy, you and i were on last week talking about the luxury retailers and we called out saks saying business pre-holiday was particularly weak. what are the people...
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Dec 9, 2012
12/12
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that will upset the rest of america but most consumers, they say fiscal cliff. >> what's the fiscal cliff. >> i don't know what that is. >> you are right. the business community is sitting on its cash, wall street waiting on every word and consumer as if nothing. but you know it comes home to roost. good to have you on the program. thank you so much. >> nice to see you. >>> american cars zooming along. some of the best news for the auto sector in years. what it means for your set of wheels. >>> living with lions, julie taymor with me on one of broadway's biggest payoffs as it marks a milestone. back in a moment. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ ke a closer look... ...at the best schools in the world.
that will upset the rest of america but most consumers, they say fiscal cliff. >> what's the fiscal cliff. >> i don't know what that is. >> you are right. the business community is sitting on its cash, wall street waiting on every word and consumer as if nothing. but you know it comes home to roost. good to have you on the program. thank you so much. >> nice to see you. >>> american cars zooming along. some of the best news for the auto sector in years. what it...
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Dec 22, 2012
12/12
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-- the fiscal cliff issue. mideast, we don't know what's going to happen with the iranian card. north korea feels like they don't have a lot of attention paid to them, so every once in a while they do something crazy to get back in the news. certainly europe is still a wild card. and i think we just have to be aware of the fact that the markets react to the unexpect, not the expected. so we have to be looking at some of this risk. we hedged our portfolio a little bit, in my portfolio i run at the firm. if the market goes we'll make lesand if it pulls back we'll take the risk off. >> susie: any disclosurees, rich? do you own any of them? >> we own all of them at the firm, and i own them personally because the managers tend to eat their own cooking. >> susie: thank you so much, rich. have a nice holiday. rich steinberg of globe.
-- the fiscal cliff issue. mideast, we don't know what's going to happen with the iranian card. north korea feels like they don't have a lot of attention paid to them, so every once in a while they do something crazy to get back in the news. certainly europe is still a wild card. and i think we just have to be aware of the fact that the markets react to the unexpect, not the expected. so we have to be looking at some of this risk. we hedged our portfolio a little bit, in my portfolio i run at...
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Nov 13, 2012
11/12
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economy from falling off the fiscal cliff. while washington struggles on a fiscal cliff deal, what should you do about your portfolio? jeff applegate has some answers. he's chief investment officer at morgan stanley smith barney. and home depot hammers home strong gains and lays the foundation for a strong quarter ahead. that and more tonight on "n.b.r." it was another day of cliff- watching here on wall street today. investors and traders are waiting to hear what happens at an important white house meeting on friday between president obama and congressional leaders. they will be talking about ways to solve the so-called "fiscal cliff" dilemma. investors appear cautious about making any big moves until they know whether the cliff will trigger increases in capital gains and dividend taxes. the dow fell almost 59 points, the nasdaq lost 20, and the s&p was down five. meanwhile, in washington, congress returned to work for the first time since september. lawmakers face a long "to-do list," and getting a deal on that fiscal cliff
economy from falling off the fiscal cliff. while washington struggles on a fiscal cliff deal, what should you do about your portfolio? jeff applegate has some answers. he's chief investment officer at morgan stanley smith barney. and home depot hammers home strong gains and lays the foundation for a strong quarter ahead. that and more tonight on "n.b.r." it was another day of cliff- watching here on wall street today. investors and traders are waiting to hear what happens at an...
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Dec 28, 2012
12/12
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gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors st hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, bu
gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan...
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Nov 30, 2012
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falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price will also depend on whether central banks continue to diversify their holdings into gold, and whether they implement more quantitative easing to boost growth. the outlook for platinum is a little more complicated. there have been major supply disruptions due to labor unrest in south africa, which produces nearly all of the world's platinum. it also depends on demand. >> europe is a key part of the platinum demand picture. if europe can recover, certainly that's going to bode well for platinum demand. if the price trades higher, it may affect som
falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price...
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Nov 29, 2012
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we go off the fiscal cliff. 2013 comes. we go into recession. doesn't that hit corporate earnings, which, of course, has been the best part of this recovery anywhere? >> there's no question about that. i would contend that the market has probably already factored most of that in. when you can buy a number of stocks -- in the hodges small cap fund, we have a number of stocks trading below their growth rate. that's telling you that the market is not expecting good growth. when you can buy stocks that are growing at 20% a year at ten times earnings, that's a good valuation. there are a number of those situations there that we're seeing left and right. >> got to go, guys. >> okay. >> sorry, jeff. you know how that works. you guys on the website, you get unlimited amount of space. just go on. >> tell me editor. >> i know. >> thanks, guys. see you soon. let's get over to jackie deangelis with a quick market flash. >> hey, there. watching shares of super value tanking on a headline that talks have stalled. reportedly struggling to get financing for a s
we go off the fiscal cliff. 2013 comes. we go into recession. doesn't that hit corporate earnings, which, of course, has been the best part of this recovery anywhere? >> there's no question about that. i would contend that the market has probably already factored most of that in. when you can buy a number of stocks -- in the hodges small cap fund, we have a number of stocks trading below their growth rate. that's telling you that the market is not expecting good growth. when you can buy...
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Nov 9, 2012
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's >> tom: no investor can ignore all the sound and fury over the fiscal cliff. after all, the non-partisan the congressional budget office has warned going over the cliff would trigger an economic recession. tonight's market monitor is keeping the long term in mind. erik ristuben is the chief investment strategist at russell investments tonight from seattle. eric, how much of a risk, though, does the fiscal cliff present for long-term investors, in the short term? >> i think the biggest risk is actually trying to time clarity. i think a lot of people have been saying that, you know, wait until things are clear to enter into the marketplace, wait until all the bad news is out of the system. that generally oppose you up to the biggest mistake of buying too high or, obviously, selling too low. i think the biggest threat is trying to actually be really active in this period. i think having a long-term strategy and the commitment to equity withs makes the most sense. >> tom: we know that in the long-term, the markets are going to reflect corporate profits and corpora
's >> tom: no investor can ignore all the sound and fury over the fiscal cliff. after all, the non-partisan the congressional budget office has warned going over the cliff would trigger an economic recession. tonight's market monitor is keeping the long term in mind. erik ristuben is the chief investment strategist at russell investments tonight from seattle. eric, how much of a risk, though, does the fiscal cliff present for long-term investors, in the short term? >> i think the...
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Dec 26, 2012
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that is the same day that we would go over the fiscal cliff. now the treasury has certain steps they can take to avoid breaching the debt ceiling that will carry the government through february or march, but at the moment in a technical sense treasury secretary geithner is telling the congress we're hitting the debt ceiling at the end of this year which is the part of the, as i mentioned, part of an effort to get congress to step in and act, not only on the fiscal cliff but on the debt ceiling, bill. >> thanks very much for the breaking news. we'll keep monitoring the situation. thanks, john harwood. a look now at financial sector and whether or not you should put your money in the banks. >> 12 months ago there was a lot of buzz about the regionals, but now it's the big banks that have done really, really well. we have the president and ceo at bell rock capital and jeffrey hart. welcome back. >> cassandra, how did we get that wrong, those saying was not a good environment for about the banks, 2012, low interest rates, you know, the low loan dem
that is the same day that we would go over the fiscal cliff. now the treasury has certain steps they can take to avoid breaching the debt ceiling that will carry the government through february or march, but at the moment in a technical sense treasury secretary geithner is telling the congress we're hitting the debt ceiling at the end of this year which is the part of the, as i mentioned, part of an effort to get congress to step in and act, not only on the fiscal cliff but on the debt ceiling,...
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Dec 6, 2012
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fiscal cliff and all of the other stuff. great story on the front page of wall street journal today talking about portfolio pumping. another example of investors thinking they're not getting a fair shake out of the stock market. >> larry, you call that complacency, don't you? >> that's right. i'm actually shocked that these investors appear to be asleep at the switch in light of the fiscal fiasco looming in less than a month. you would think investors saying their concerns would be running for the hills or at least buying portfolio protection to protect themselves against potential disaster. we see the vix very low. they're not taking the type of defensive, decisive action. if we get a downgrade and if this happens, it will be terrible for the market. that's what's potentially on the market, if we don't make a deal in washington. >> scott, let me ask you again how you want to allocate capital then in that environment. i know george young is with us again, joining the conversation. i want to ask you the same question. go ahea
fiscal cliff and all of the other stuff. great story on the front page of wall street journal today talking about portfolio pumping. another example of investors thinking they're not getting a fair shake out of the stock market. >> larry, you call that complacency, don't you? >> that's right. i'm actually shocked that these investors appear to be asleep at the switch in light of the fiscal fiasco looming in less than a month. you would think investors saying their concerns would be...
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this fiscal cliff. the republicans, as i mentioned, they are not mounting any kind of response to the charge by the administration. >> not surprising. the republicans have been known for as long time as the stupid party, they are a hot mess, they came out of this elect on the losing end, they have done nothing to try to regroup, this affects every american's life and pocketbook, they still can't get it together with a coherent message based on their core principals, economic freedom, and liberty, if you can't stand for those, and fight for them, they have no business being one of the two major political parties. >> monica is right, the republicans have allowed obama to ccntrol the debate, we have the morale high ground and our plan, obama in 2011 talking about tax reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great wi
this fiscal cliff. the republicans, as i mentioned, they are not mounting any kind of response to the charge by the administration. >> not surprising. the republicans have been known for as long time as the stupid party, they are a hot mess, they came out of this elect on the losing end, they have done nothing to try to regroup, this affects every american's life and pocketbook, they still can't get it together with a coherent message based on their core principals, economic freedom, and...
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Dec 30, 2012
12/12
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cliff because the fiscal cliff compass more than just taxes. you've got the quester and the unemployment insurance. the republicans and democrats know that they can't afford to go back in a recession at this point and the republicans are going to get blamed for it. the taxes still increased and y'all promised not to do that and on the other hand, if they make a deal now, they can go back and say look, we're not in total control. we only control the one branch of government so we made a deal to keep the taxes, you know, low on 98% of the country and that's to win. and as far as the sequester, the afford to lose all those military jobs. that's 100 million jobs possibly lost. and then you've got the unemployment, you know, two million people unemployment, they can't afford not to have that revenue injected into the system so i believe come monday, they're going to have a deal. i believe it. there's not -- they are not -- i'm going to guarantee you you guys. host: eve got a guarantee from antonio. joseph rosenberg who makes a living researching thi
cliff because the fiscal cliff compass more than just taxes. you've got the quester and the unemployment insurance. the republicans and democrats know that they can't afford to go back in a recession at this point and the republicans are going to get blamed for it. the taxes still increased and y'all promised not to do that and on the other hand, if they make a deal now, they can go back and say look, we're not in total control. we only control the one branch of government so we made a deal to...
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Nov 10, 2012
11/12
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>> there-- when you think about it, the fiscal cliff is sort of kind of a theoretical thing. the treasury, as we saw last year when we dealt with the debt ceiling crisis. the treasury has been groomed to adjusting so maybe the checks they can't write or the cuts they make might be later in the next few months. it gives them a little bit more time. the bush tax cuts, well, that would happen, but things could be grandfathered back in. the concern i have is the uncertainty. i see the u.s. economy is really starting to show some signs that it's taking hold. the recovery is starting to get stronger, but this uncertainty by the fiscal cliff is in the sense an anchor holding this recovery down. and that's something that's-- >> tom: just a matter of weeks to go before we get to the cliff. beth ann bovino, senior economist at s & p. >> tom: treasury secretary timothy geithner will stay in his position through president obama's inauguration next year to help with fiscal cliff negotiations. but geithner has said he will not stick around for the rest of the president's second term. treas
>> there-- when you think about it, the fiscal cliff is sort of kind of a theoretical thing. the treasury, as we saw last year when we dealt with the debt ceiling crisis. the treasury has been groomed to adjusting so maybe the checks they can't write or the cuts they make might be later in the next few months. it gives them a little bit more time. the bush tax cuts, well, that would happen, but things could be grandfathered back in. the concern i have is the uncertainty. i see the u.s....
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Nov 29, 2012
11/12
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ben, what is your fiscal cliff strategy? what do you want to do with your money in the economy does go off the fiscal cliff? >> yeah, we were worried about that back in september, october. so even though we like the equity markets going into 2013, we wanted to hedge ourselves a little bit, so we took money out of equities. didn't just put it into cash. we put it into three areas we think are still good long term. one is we talk about emerging market equities, but i like emerging market debt. these monetary authorities are done tightening. they fought the inflationary problem that they had successfully. they're in hoed. yield curves could shift down. we stress doing it in local currency. the other areas are u.s. high yield, which i still think is valuable. we do think spreads will contract and emerging market equities as well. >> jordan, what about you? how are you preparing for what could be an eventuality where we go over the cliff and we've got to deal with higher taxes and a slower economy? a lot of people expecting reces
ben, what is your fiscal cliff strategy? what do you want to do with your money in the economy does go off the fiscal cliff? >> yeah, we were worried about that back in september, october. so even though we like the equity markets going into 2013, we wanted to hedge ourselves a little bit, so we took money out of equities. didn't just put it into cash. we put it into three areas we think are still good long term. one is we talk about emerging market equities, but i like emerging market...
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Sep 3, 2012
09/12
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it's called the fiscal cliff. maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell you what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer the u.s. off a different cliff. and when someone falls off a cliff in washington, there are no stunt men to pick them up. on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. and if we do go over this cliff and let all this happen, the economy is projected to stagger into recession. it could derail everything, it would
it's called the fiscal cliff. maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell you what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer...
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Nov 20, 2012
11/12
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cliff, the largest fiscal cliff, which according to cbo and to our own analysis, would throw the economy into recession, i don't think the fed has the tools to offset that. and that's why it is important for congress to address these fiscal issues soon and in a bipartisan way, in a way that achieves the necessary long-term sustainability concerns, which i know you have talked about frequently, but also takes into account exactly this issue of how much restraint we will be experiencing in the next six months to a year from fiscal changes. >> [ inaudible ] >> you talked about the uncertainty of businesses because of all of the things that you also mentioned and that's impacting decisions on investment, et cetera. how much growth is being lost because of that do you anticipate? >> well, it's neither here nor there, but when i was a graduate student at -- 30 years ago, i wrote my dissertation on the question of how uncertainty affects investment spending. and i concluded that it's not a good thing. [ laughter ] and they gave me a ph.d. for that. [ laughter ] so it seems pretty clear. one of
cliff, the largest fiscal cliff, which according to cbo and to our own analysis, would throw the economy into recession, i don't think the fed has the tools to offset that. and that's why it is important for congress to address these fiscal issues soon and in a bipartisan way, in a way that achieves the necessary long-term sustainability concerns, which i know you have talked about frequently, but also takes into account exactly this issue of how much restraint we will be experiencing in the...
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Dec 28, 2012
12/12
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a number of companies will, you know, dive over the fiscal cliff, and i'm tired of the "fiscal cliff" term, pardon me, it's a manmade term, the fc, whatever happens january 1st. here's why they get sales from government contracts. that's the deal. it's not just the lockheed martins of the world. you'll see in here, humana, other health care companies, of course, medical device companies hit with the tax, but they have striker, for example, and there's a lot of sales from government contracts. you'll see in here, look at that, motorola, holdings in and waste management companies like waste management and republic services, ashley. ashley: what are the stock prices on the companies, iz? >> good point. goldman sachs warned since 2011 when that debt ceiling crisis hit in the summer of 2011 that triggered the fiscal cliff learning that the companies could under perform, but there's another wall street player, and that's fidelity saying watch for the banks, not just because they are under pressure as they track the general economy, but it's because business capital spending is down as of th
a number of companies will, you know, dive over the fiscal cliff, and i'm tired of the "fiscal cliff" term, pardon me, it's a manmade term, the fc, whatever happens january 1st. here's why they get sales from government contracts. that's the deal. it's not just the lockheed martins of the world. you'll see in here, humana, other health care companies, of course, medical device companies hit with the tax, but they have striker, for example, and there's a lot of sales from government...
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Dec 20, 2012
12/12
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how do the fiscal cliff, the threat of the fiscal cliff, how could it be impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the repeal of the bush tax cuts to that group, it ould aect their consumption decisions ahead of the holidays. they might choose to pull back or wait to see what the ultimate resolution might be. >> tom: is that going to be enough to show up in economic statistics that we see in december? >> well, sure. i mean, based on what i know, based on my previous research, given that, you know, especially looking at investor behavior, we know that investors are more likely to make mistakes when there is greaterarket-wide uncertainty, andwe can see tha in their decisions to trade, and trade more actively, and make bigger mistakes. they don't understand the implications of all of the tax cuts and so on. and they're likely to make bigger mistakes, which taken together
how do the fiscal cliff, the threat of the fiscal cliff, how could it be impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the repeal of the bush tax cuts to that group, it ould aect their consumption decisions ahead of the holidays. they might choose to pull back or wait to see...
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Nov 20, 2012
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you can't ignore the fiscal cliff entirely because most people think that if we go over the fiscal cliff, we go back into recession in 2013. does this worry you? >> well, no, because i think it's not going to happen. i don't mean to sound as if there's no chance of it happening. to me, this is not the thing to worry about. there are others. this, i think, is going to be resolved. there will be some grand bargain and we'll wake up and the dow will be at 500 points and it will be lovely. then we'll face over other difficulties. the fiscal cliff to me is not the thing. >> were you surprised that bernanke said, look, if we go over the fiscal cliff, we have though more tools? >> he really has no tools to fix a lot of what ails us. yet, they keep on trying. there has been qe-1, 2, 3. they're manipulating the curve of the yield. all these problems that would seem to be susceptible to mainly working, saving, repricing error, restructuring debts. instead, we have the great reign of fiat currency. the european central bank, the bank of japan, the bank of england. everyone is cranking and cranking.
you can't ignore the fiscal cliff entirely because most people think that if we go over the fiscal cliff, we go back into recession in 2013. does this worry you? >> well, no, because i think it's not going to happen. i don't mean to sound as if there's no chance of it happening. to me, this is not the thing to worry about. there are others. this, i think, is going to be resolved. there will be some grand bargain and we'll wake up and the dow will be at 500 points and it will be lovely....